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November 22, 2024 |
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| Home > Small Business Lenders by State > Illinois Business Loan Sources > Mattoon, Business Loans > First Mid-Illinois Bank & Trust Mattoon Business Loans > Home Health Care Services Loan | ||||
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Illinois Small Business Loan Issued to Home Health Care Services CompanyIllinoisBusiness loans are available to Illinois business owners through the SBA. In this case, an Illinois bank provides the loan. Getting a small business loan in Sullivan, Illinois was a top priority for this SBA-financed company back in 2004 and, based on their loan application, they were successful in getting an SBA loan from First Mid-Illinois Bank & Trust. Here are the details on this Illinois small business loan. SBA Loan Borrower COMPANY TYPE: HOME HEALTH CARE SERVICES SBA Loan Lender FIRST MID-ILLINOIS BANK & TRUST The lender provided this small business loan through the U.S. Small Business Administration (SBA) loan program called the SBA Express Loan program. SBA Express loans are typically used for working capital, inventory purchases and equipment financing. SBA Loan Program Type This loan was issued under the SBA Fast Track program, which later was renamed the SBA Express loan program. NAICS Code 621610 - Home Health Care Services Loan Approval Date 2/3/2004 Loan Approval Gross Amount $100,000 Loan Approval from the SBA Of the total $100,000 loan amount, the SBA guaranteed $50,000. More Information on This SBA Loan The borrower borrowed this money for a new business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 4 employees. The loan application indicated that the loan would help create 4 new jobs. Great, But How Can I Get an SBA Loan for My Business? Many small businesses receive loans backed by the U.S. Small Business Administration. There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower. Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today! About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links:
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